Appointments
This year, for the protection of our clients and employees we are encouraging our clients to drop off, mail, or securely upload tax documents to our office through our new portal system. Our team is available to you via phone conference, virtual meeting or for in-person appointments.
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We want to hear from you!! This eblast is written for the benefit of our clients. Please reply to this email with any topics of interest, questions or concerns you may have and we would be happy to address them.
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The American Rescue Plan, 2021 (ARPA, 2021) was signed by President Biden on March 11, 2021 to address the continuing economic impact on employers and employees the coronavirus (COVID-19) pandemic has posed.
Some key points in the American Rescue Plan include:
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2021 Individual Recovery Rebate/Credits An eligible individual is allowed an income tax credit for 2021 equal to the sum of: (1) $1,400 ($2,800 for eligible individuals filing a joint return) plus (2) $1,400 for each dependent of the taxpayer.
CLICK HERE to find out the status of your economic impact payment status.
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Unemployment received in 2020 partially excluded from income for some tax payers. Under ARPA, in the case of any tax year beginning in 2020, if the adjusted gross income (AGI) of the taxpayer for the tax year is less than $150,000, the gross income of the taxpayer does not include so much of the unemployment compensation received by the taxpayer (or, in the case of a joint return, received by each spouse) as does not exceed $10,200.
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Child Tax Credit Expanded for 2021 Before ARPA, the child tax credit (CTC) was $2,000 per “qualifying child.” A qualifying child was defined as an under-age-17 child, whom the taxpayer could claim as a dependent (i.e., a child related to the taxpayer who, generally, lived with the taxpayer for at least six months during the year), and who was a U.S. citizen or national, or a U.S. resident. The CTC is increased to $3,000 per child ($3,600 for children under age 6 as of the close of the year). But, the increased credit amounts are phased out at modified AGI of over $75,000 for singles, $112,500 for heads-of-households, and $150,000 for joint filers and surviving spouses, at a rate of $50 for each $1,000 (or fraction thereof) of modified AGI over the applicable threshold.
Payroll Provisions of the American Rescue Plan Act
- Paid Sick & Family Leave Credits
- Employee Retention Credits
- Unemployment Provisions
- Paycheck Protection Program Modifications
- Other Relief-Related Provisions
- Earned Income Credit
- Benefits Related Provisions
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NYS Enacts Paid COVID Vaccination Leave |
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Friday, March 12th, Governor Cuomo signed new COVID legislation requiring both public and private employers of all sizes to provide paid leave of up to 4 hours to employees for the purposes of receiving the COVID vaccine (the original version of the bill was applicable only to public employers). The law, which became effective immediately upon signing, is scheduled to expire on December 31, 2022 and does not set a limit as to the number of leaves an employee can take during that timeframe to receive a vaccination. Likewise, if the FDA, CDC or other government agencies recommend a COVID booster shot, employees will presumably be entitled to take advantage of this COVID leave in order to receive the booster.
The COVID Vaccination Leave is in addition to any employer provided leave, including New York State Paid Sick Leave. Employees must be paid their regular rate of pay (FLSA calculation) for such leave. Hospitality employers that take a tip credit must pay tipped employees at the full minimum wage for the leave period. As with virtually all mandated leaves, employers cannot retaliate against employees for exercising their leave rights.
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Apply For Independent Restaurant & Bar Grants |
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A $28.6 billion restaurant and bar grant program will be made available soon. Members of the Independent Restaurant Coalition partnered with members of Congress to craft the legislation.
While the Small Business Administration prepares to stand up the program, businesses should take steps to organize the materials necessary to submit an application once it is available. Click the link below for more information about the program, and what businesses can do to prepare for the application:
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Video: Risk Tolerance: What's Your Style?
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Learn about what risk tolerance really means in this helpful and insightful video.
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Allied Financial Partners has advisors who are available to help you understand your current financial situation and help you to plan for your future. Contact our office today for more information. |
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Online Credit Card Payments Payments to Allied CPAs, PC and Allied Payroll Services can be made online at www.alliedfp.com. Look for the Make A Payment button on the top right corner of our website. AFP accepts Mastercard, VISA and Discover. Please note: Electronic payments cannot be accepted for financial planning or investment services.
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The CCH Axcess Portal allows for the secure transfer of documents between you and our firm.
Portals are being set up upon request, if you would like a portal please contact our office.
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MY1040Data Web Organizer Now Available
As part of our tax software transition web organizers will be available on our website through the My1040Data platform. To access your web tax organizer please visit our website, alliedfp.com and log into the My1040Data platform.
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IRS Tax Scam Reminder: The IRS does not initiate contact with tax payers by email, phone or social media channels to request personal or financial information. If you receive a call like this do not provide any personal information.
For more details about Tax Scams, or to report a scam, visit the IRS website by clicking here.
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Upcoming Tax Filing Deadlines |
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- 04-15-21 - Individual & C-Corporations
- 05-17-21 - Exempt Organizations
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Buffalo | (716) 694-0336
Cooperstown | (607) 282-4161
Oneonta | (607) 432-3462
Perry | (585) 237-3887
Rochester | (585) 410-6733
Victor | (585) 410-6733
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BUFFALO | COOPERSTOWN | ONEONTA | PERRY | ROCHESTER | VICTOR |
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Allied Payroll Services is bonded.
Securities offered through Registered Representatives of Securities America, Inc., a broker-dealer, member FINRA/SIPC. Advisory services offered through Securities America Advisors, Inc., a Registered Investment Adviser. Tax services provided by Allied CPAs, PC. Allied Financial Partners and Allied CPAs, PC are not affiliated with Securities America.
To be eligible for the Rochester Chamber Top 100, businesses must be privately held, headquartered in the nine-county Rochester region, and have earned at least $1 million in revenue in each of the three most recent fiscal years. The Rochester Chamber Top 100 is computed based on revenue growth, taking into account both dollar and percentage growth.
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